PARIS — Step aside, Gucci loafers, PPR executives are trying on Puma sneakers for size.
The French retail and luxury giant said Tuesday that it now owns a controlling stake of 62.1 percent of the German activewear giant. The deal, valuing Puma at 5.3 billion euros, or $7.3 billion at current exchange, is one of the biggest takeover plays of the year and has PPR straddling the highbrow world of luxury and the trend-oriented sports and lifestyle market.
"We are very pleased with the fi nal result of our offer to the Puma shareholders, who have sent a strong signal of support for the transaction," said Francois-Henri Pinault, chairman and chief executive offi cer of PPR and chairman of the supervisory board of Puma. "We are at the starting point of a fruitful collaboration and will now focus on implementing our long-term strategic vision."
PPR, which bought 27.1 percent of Puma from a German private equity fi rm in April, offered 330 euros, or $455, a share. Puma investors stalled selling their shares as they considered the bid too low and hoped for a better deal. Nevertheless, PPR stood by its original offer and did not sweeten the deal, prompting investors to sell their shares in a public offer that closed June 20. The offer was extended from June 28 until July 11 to investors who had not tendered their shares.
"We are pleased that the Puma shareholders have, with their vote, supported the junction of Puma with the PPR group and set the basis for a successful cooperation," Jochen Zeitz, chairman and chief executive offi cer of Puma, said in a statement.
The deal seals Puma's position as the world's third-largest sporting goods manufacturer after industry leader Nike and German rival Adidas.
"With the support of PPR we will use the large potential of our brand and the emerging possibilities on a long-term basis, and will invest in brandbuilding, enabling us to further strengthen our position as the leading company in the sport-lifestyle market," Zeitz added.
Just this month, the fi rm added bodywear to its fashion offering and showed off its Rudolf Dassler by Puma heritage and limited edition lines on the Berlin runways.
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews